To strengthen the management of pensions under the Defined Benefits Scheme, the Pension Transmission Arrangement Directorate says it will integrate automated computation of pension benefits in the coming months.
PTAD’s spokesperson, Harriet Agbeniyi, said in Lagos on Sunday the automation would involve deploying technology to execute computation without human assistance.
The directorate said the automation would eliminate the lag between the conduct of verification exercise and computation process.
However, PTAD said it had completed the automation of pension payment through the Government Integrated Financial Management Information System.
Agbeniyi said in a statement: “The payment process enables pensioners to receive their payments directly into their bank accounts from the Treasury Single Account without any interface with the directorate.
“PTAD does not operate or service any commercial bank accounts.”
She said it had initiated the digitisation of pensioners’ data and records in order to maintain a comprehensive database of pensioners under DBS.